UNIT 1 POST QUIZ
Both financial and management accounting:
Select one:
a.
draw on data from the organisation's basic information system.
b.
must comply with Australian accounting standards.
c.
provide information for external users.
d.
rely exclusively on historical data.
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The correct answer is: draw on data from the organisation's basic information system.
Question 2
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Which of the following changes in the business environment have led to the emergence of virtual
organisations?
Select one:
a.
Increases in outsourcing and reliance on various forms of business networks
b.
Increased global mobility in labour
c.
Rapid advances in technology
d.
Reliance on creating mutually strategic business alliances
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The correct answer is: Increases in outsourcing and reliance on various forms of business networks
Question 3
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Which of the following are ethical standards for management accountants?
i. Competence
ii. Objectivity
iii. Confidentiality
iv. Integrity
Select one:
a.
i, ii, iii and iv
b.
i, iii and iv
c.
ii, iii and iv
d.
i, ii and iv
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The correct answer is: i, ii, iii and iv
Question 4
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The costs of providing information to management should be less than the benefits. Which of the
following are costs of management accounting information?
i. Salary cost of management accounting personnel
ii. Computer operating costs
iii. Managers' time in reading and acting on the information
Select one:
a.
i, ii and iii
b.
i and iii only
c.
None of the given answers
d.
ii and iii only
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The correct answer is: i, ii and iii
Question 5
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Which of the following statements is correct?
Select one:
a.
The primary objective of a firm's management is to increase the firm's value
b.
The management accounting system needs to accumulate information from both internal and external
sources.
c.
Managers may be faced with a conflict between increasing customer value and increasing shareholder
value.
d.
All the given statements are correct.
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The correct answer is: All the given statements are correct.
Question 6
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Which of the following would not be likely as a consistent focus for a firm following a product
differentiation strategy?
Select one:
a.
Delivery
b.
Quality
c.
Cost reduction
d.
Product innovation
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The correct answer is: Cost reduction
Question 7
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A management accountant should be concerned with:
Select one:
a.
developing and implementing information systems.
b.
assisting in interdepartmental communications.
c.
providing daily information on physical measures of operational performance.
d.
All of the given answers
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The correct answer is: All of the given answers
Question 8
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Budgeting can be used in an organisation to:
Select one:
a.
provide managers with information for making decisions and planning.
b.
control operations.
c.
motivate managers to achieve organisational goals.
d.
All of the given answers
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The correct answer is: All of the given answers
Question 9
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Which of the following statements is correct?
Select one:
a.
In some organisations, management accountants are located in factories.
b.
Management accountants are responsible for external reporting as well as providing information to
internal managers.
c.
A financial controller is only responsible for financial accounting.
d.
The primary role of the finance function of an organisation is to liaise with banks and financial intuitions
to obtain finance to fund operations.
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Your answer is correct.
The correct answer is: In some organisations, management accountants are located in factories.
Question 10
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Animus Ltd is a mining company operating in Australia. The company has recently developed a new
environmental management accounting system. According to institutional theory:
Select one:
a.
the new system is likely to be the result of the Australian culture of being environmentally conscious
and the fact that negative environmental impacts can result in significant fines to the company.
b.
the new system is likely to be the result of stringent government regulations.
c.
the new system is likely to be the result of gaining legitimacy and to imitate other mining companies
who are 'doing the right thing'.
d.
the new system is likely to be the result of careful, rational, cost-benefit analysis.
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Your answer is incorrect.
The correct answer is: the new system is likely to be the result of gaining legitimacy and to imitate other
mining companies who are 'doing the right thing'.
